China’s EV Giant BYD Surpasses Tesla in Revenues & Sales: What It Means for India

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In a significant shift in the electric vehicle (EV) landscape, Chinese automaker BYD reported annual revenues of 777 billion yuan (~INR 8.9 lakh crore / USD 107 billion) for 2024, overtaking Tesla which posted USD 97.7 billion (~INR 8.1 lakh crore). BYD also outpaced Tesla in deliveries, selling 4.27 million vehicles (fully electric + hybrid) compared to Tesla’s 1.79 million battery EVs.

Revenue comparison between Tesla and BYD
Revenue comparison between Tesla and BYD1536×1024 60.6 KB

This not only cements BYD’s position as a global leader in clean-energy transportation but signals an ongoing reshaping of the EV industry where innovation, pricing, and scale are critical. The Chinese automaker, buoyed by strong government backing, superior charging tech, and aggressive pricing, has become a formidable force worldwide.

BYD vs Tesla: Technology, Pricing, and Strategy

  • Sales & Pricing:
    • BYD Qin L (sedan): ~₹1.37L (11,800 yuan) with 545 km range
    • Tesla Model 3 (base): ~₹27.3L (235,500 yuan) with 634 km range
  • Charging Advantage:
    • BYD’s new charging system can deliver 250 miles in 5 minutes
    • Tesla Superchargers: 200 miles in 15 minutes
  • Autonomous Driving:
    • BYD’s “God’s Eye” driver-assistance now free for all new models
    • Tesla’s FSD costs $99/month or $8,000 one-time in the US and isn’t yet approved in China
  • Global Strategy:
    • BYD is making rapid inroads in Southeast Asia, Europe, and Australia
    • Tesla is losing share in China and struggling in Europe

Indian Automobile Giants: Current Snapshot (FY 2023-24)

Company Revenue (INR Cr) Net Profit (INR Cr) Vehicles Sold Focus
Maruti Suzuki 1,41,858 ~9,000 2.13 million Small cars, hybrids, ICE
Hyundai India 6,98,290 60,600 ~700,000 SUVs, ICE, emerging EVs
Tata Motors 3,49,000 2,700+ ~1.0 million EVs, SUVs, passenger & fleet EVs
Mahindra & Mahindra 1,01,219 10,718 8.25 lakh SUVs, EVs, Tractors, Rural mobility
BYD 8,93,668 46,292 4.27 million EVs, Batteries, Urban Transport
Tesla 8,10,827 58,855 1.79 million Premium EVs, Energy Storage, FSD

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Maruti leads in small ICE cars, Hyundai in design-led SUVs, and Tata in affordable EVs. But the landscape is rapidly evolving.

If BYD (and Tesla) Enter India Aggressively…

  1. EV War at ₹10L-15L Segment: BYD Dolphin, Seagull could undercut Tata Nexon EV and Punch EV in pricing & tech.
  2. SUV Disruption: BYD Atto 3 and upcoming Tesla compact SUV could challenge Hyundai Creta EV and MG ZS EV.
  3. Tech Leap: Advanced ADAS, battery safety (Blade tech), faster charging could push Indian OEMs to accelerate R&D.
  4. Pressure on ICE & Hybrid: Maruti’s stronghold in ICE & hybrid may weaken if EVs reach price parity faster.
  5. Infra Boost: BYD’s presence can lead to faster charging infra and localization, possibly battery cell manufacturing.

Conclusion: A New Era is Coming

If BYD doubles down on India with its price-performance edge and Tesla clears regulatory hurdles, the Indian market could witness a second wave of disruption after Reliance Jio’s entry in telecom. Affordability, reliability, and smart tech will win the next decade of auto wars in India. Indian automakers must pivot fast or risk being left behind.

This is not just a competition between companies. It’s a clash of visions for the future of mobility in one of the world’s fastest-growing car markets.

What are your thoughts on the automotive industry in the coming years

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I feel BYD will be bigger than Tesla. @RahulDeshpande Any plans Dhan allowing investing in US stocks?

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Charging infra needs to be upgraded to support faster charging. Either new ones should come or the existing ones should be modified to deliver higher power.

Also the home supply even if one taps into all three phases (with other loads not overloading) can still give only smaller power which means it is still going to take time to charge from home.

Besides service centres are more for local brands like TATA and Mahindra. We are also not far behind in tech. Capturing Indian market is going to be a challenge for BYD and Tesla.

As auto sector moves towards electric power train / hydrogen power train I think we are in for exciting times. The switch from ICE to EV/HV and rise in the purchasing power of the population is going to create significant auto demand into the future - both Personal and commercial transportation.

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Many are addressing this fast charging issue by setting up their own 5kW solar systems and the necessary battery units at home to fast charge their car.

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  1. For Solar electricity to be economical one needs to take the battery out. Only if we convert electricty when sun is shining and at the same time use the electricty to power the loads, the solar electricity will feel light on the pocket. Battery comes with a replacement cost every 4-5 yrs which is a significant cost.

  2. To fast charge a car battery 5KW is not enough. WIth the three phases at home one can get 7.5KW (approx). Current commercial public fast chargers vary from 30 to 150KW. BYD fast charging in 5 minutes need a power delivery of 1000KW through that 5 minutes. No station is currently equipped to do so. It will need setting up of a new breed of charges to enable this.

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:exploding_head:

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Not as of now! :slight_smile:

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Agree — if EV adoption has to scale, charging infrastructure is key. Not just more stations, but faster, more efficient ones.

BYD’s 5-minute charging tech could be a game changer, making EVs as convenient as fuel vehicles. It can dramatically reduce downtime and eliminate range anxiety.

But the real EV opportunity lies in commercial vehicles — mini trucks, tempos, and fleet operators. These vehicles run longer, follow fixed routes, and operate in cities — making them ideal for electrification.

With the right push — dedicated fast-charging hubs, battery swapping pilots, and targeted incentives — we can electrify the backbone of urban transport and logistics.